bonds, in accordance with section eight of article ten, of the constitution of West Virginia. 6. The bonds authorized to be issued under this Bonds exact shall be exempt from taxation for municipal pur- empt from poses, which fact shall appear on the face thereof as part of the contract with the purchaser. city taxation. (House Bill No. 305.) CHAPTER 117. AN ACT authorizing the Council of "The Town of Point Pleasant," Mason County, to fund the bonded indebtedness of said town. [Passed February 12, 1901. In effect 90 days from passage. Approved February 15, 1901.] Be it enacted by the Legislature of West Virginia: cil of Pt. to issue and amount; 1. That the council of "The Town of Point Pleas- Bonds; counant" is hereby authorized to issue and sell thirty Pleasant, thousand dollars of refunding bonds of the denomina- authorized tion of five hundred dollars each, dated September sell; kind; first, one thousand nine hundred and one, and payable when payto bearer in thirty-four years after date, with inter- able, etc. est thereon at the rate of four per centum per annum, -rate of payable annually; said bonds and the interest coupons interest. thereto attached shall be payable at the Merchants' -where national bank of West Virginia at Point Pleasant, bonds and West Virginia. But any of such bonds shall be redeemable and payable at the pleasure of said town at bonds may any time after ten years from the date thereof. interest paid. be paid, Annual tax 2. There shall be levied and collected by a direct annual tax sufficient sum of money to pay annually to pay. the interest on said bonds and the principal thereof within and not exceeding thirty-four years. proceeds, 3. Nothing herein contained shall be construed as No increase authorizing any increase of the bonded indebtedness of bond debt; of said town; nor shall the bonds issued under this how applied. act, or the proceeds of sale thereof, be used for or applied to any other purpose than the payment and redemption of the present bonded indebtedness of said town. Bonds; how sold. 4. Said bonds shall be sold at not less than their par value; and shall be issued and sold pursuant to the provisions of the ordinance passed by the council of said town on the fifth day of February, nineteen hundred and one. Bond debt of Shep be funded; how and when. (House Bill No. 222.) CHAPTER 118. AN ACT authorizing the corporation of Shepherds-town to refund its bonded indebtedness by the issue of new bonds at a lower rate of interst than six per cent. [Passed February 19, 1901. In effect 90 days from passage. Approved February 21, 1901.] Be it enacted by the Legislature of West Virginia: 1. That the mayor, recorder and common council herdstown of the corporation of Shepherdstown, in the county of authorized to Jefferson, is hereby authorized, when its present bonded indebtedness becomes due and payable, to fund the same, or any part thereof, by the issue and sale of new bonds of the denomination of one hundred dollars, or multiplies thereof, payable in twenty years from the date of their issue, with the right reserved to Said pay same at any time after ten years from date. new bonds to bear interest at a rate of not exceeding five per centum per annum, payable annually. -rate of interest No increase 2. Nothing in this act shall authorize any increase of bond debt. of the bonded indebtedness of said corporation; nor -bonds sold shall said new bonds be sold or disposed of for less than par, or the proceeds thereof be used for or applied to any other purpose than the payment and redemption of the present outstanding bonds of said corporation. at par. -proceeds used only, for what pur poses. (Senate Bill No. 126.) CHAPTER 119. AN ACT conferring additional authority on the Council of the City of Grafton, Taylor County, in relation to funding the bonded indebtedness of said City and to increase its bonded indebtedness. [Passed February 11, 1901. In effect from passage. Approved February 18, 1901.] Be it enacted by the Legislature of West Virginia : thousand ton; council not to issue of, authorized and bonds; re- amount; 1. That the council of the city of Grafton, Taylor county, shall have authority to issue bonds of said city of Grafcity not to exceed the sum of one hundred dollars, payable in not less than ten years to exceed thirty-four years from their date, but deemable at the pleasure of said city, at any after ten years from their date; which said bonds, or ble, rate of so many thereof as may be issued, shall bear interest interest, etc. at the rate of four per centum per annum, semi-annually. time when payable payable or redeema For what may be used. 2. The council of said city shall have authority to appropriate a sufficient number of bonds issued issued by purposes said council that may be necessary to fund so much such bonds and such parts of the present bonded indebtedness of said city as remains unpaid, and the proceeds arising from the sale of the residue of the issue shall be applied to the general improvement of the streets, alleys, sewerage and the general improvement of said city of Grafton. 3. The council of the said city shall annually levy Annual levy a sum not to exceed fifty-five cents on the one hundred to pay bonds. dollars valuation of the taxable property in the said city of Grafton, which said sum shall thereupon be applied to the payment of said bonds by said council, beginning at the lowest number of bonds, and the -order of bonds so paid together with the coupons thereto at- payment. tached, or belonging, shall thereupon be cancelled and annulled by the council, and a proper record of said cancellacancellation shall be kept, giving the number, date record. and amount of each bond and coupon so cancelled and annulled. tion and 4. No bonds shall be issued by the said city of Grafton, under and by virtue of the authority given thorize issue. Voters, to au Authority in this act, unless all questions connected with the same shall have been first submitted to the qualified voters of the said city of Grafton and shall have received a majority of all the votes cast for and against the same. 5. The council of said city of Grafton shall given council, have the authority, by proper ordinances, to carry into how and for full force and effect the provisions of this act. what. Acts repealed 6. All acts or parts of acts relative to the said city of Grafton inconsistent with this act are hereby repealed. Bonds; Braxton county authorized to (House Bill No. 213.) CHAPTER 120. AN ACT to authorize the County Court of Braxton County to fund at a lower rate of interest one hun·dred and sixteen Five Hundred Dollar Bonds. [Passed February 4, 1901. In effect 90 days from passage. Approved February 6, 1901.] Be it enacted by the Legislature of West Virginia: 1. The county court of Braxton county is hereby authorized, at any time within one year from the passage of this act, to issue not exceeding fifty-eight issue; when; thousand dollars of coupon bonds of said county, in such form as may be provided by the county court, and of the demoninations of one hundred dollars and five hundred dollars, bearing four per centum interest, payable semi-annually, the principal of which bonds shall not be demandable for thirty-three years from the date of issue. amount; interest; principal when payable. Bonds may be paid, when. bonds. 2. The said bonds, or any portion thereof, may be paid at any time after ten years, and this proviso shall be expressed on the face of the bonds. 3. The county court of Braxton county shall sell Sale of such and dispose of the bonds issued under this act at not less than the par value, or so much of them as is necessary to pay off the bonded indebtedness, unpaid, of the said county. bonds Further proadopt- such sale. visions as to 4. The county court shall dispose of dispose of the hereby authorized in conformity with any plan ed by it, for selling such bonds to the best advantage 'and for the most money. 5. The county court shall provide for the payment Further proof interest on the bonds hereby authorized. vision as to interest. Further pro 6. The bonds to be paid shall be designated by their numbers and public notice of the time of pay- visions as to ment shall be given for three weeks, by advertisement bonds. in one or more newspapers in said county. payment of 7. The bonds authorized under this act shall be Exempt from exempt from taxation for county, district and munici- taxation. pal purposes as a part of the contract with the purchasers thereof. 8. Nothing in this act shall authorize any increase No increase of in the bonded debt of said county; nor shall the bonds bond debt. issued under this act, or the proceeds thereof, be is--only for sued or applied for any other purpose than the payment and redemption of the outstanding bonds of said etc., to be county. what pur pose, bonds applied. (Senate Bill No. 91.) CHAPTER 121. AN ACT to amend and re-enact sections one, two, six and nine of chapter one hundred and four of the Acts of the Legislature of one thousand eight hundred and ninety-seven, and add a new section thereto numbered forty-five. [Passed February 15, 1901. In effect 90 days from passage. Approved February 16, 1901.] Be it enacted by the Legislature of West Virginia: That sections one, two, six and nine of chapter Acts amended. one hundred and four of the acts of the legislature of one thousand eight hundred and ninety-seven be amended and re-enacted, and that section forty-five be added thereto, so as to read as follows: 1. That the corporate limits of the city of Hinton Hinton; corshall be as follows: Beginning at a stone, corner of the Chesapeake and Ohio railway company's land, and corner to the form porate limits. |